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Oil News Roundup

The Wall Street Journal Online

Updated July 17, 2006 8:46 p.m. ET

Crude-oil futures fell sharply from record highs, dropping $1.73 a barrel to settle at $76.40 on the New York Mercantile Exchange. Traders reacted to hopes of an end to the flare-up of violence in the Middle East, along with a German television report that Iran had accepted incentives promoted by Western nations to resolve the dispute over its nuclear program. But that report had not been confirmed by the close of trading, and the fighting in Lebanon continued apace. Here's Monday's roundup of oil and energy news.